As a dynamic, insightful business leader with a wealth of knowledge in the energy, finance and technology sectors, Dan Giurescu has demonstrated success by identifying market opportunities, where others may overlook, and capitalizing on them. As a TEC Canada speaker and Founder and CEO of TerraHub Technologies, we sat down with Dan to discuss Canadian organizations integrating emerging technologies and what that future may look like.
TEC Canada: On a macro-level, what should companies consider when adopting a new technology?
Dan Giurescu: Companies should consider shifting over-time to hiring more CTOs over CIOs (though in some cases both would be an incredible benefit to a company), but this also comes down to what’s the company’s nature and goals. Traditionally, CIOs have risen up the ranks of IT and have a thorough understanding of the internal processes, applications, hard-ware and off-the shelf technology. Often, they are experts in the data within the organization. However, we don’t own our data anymore – as we are becoming more digitally connected. Therefore, a CTO is better-equipped for insightful and creative development. CTOs are a different kind of dynamic, more well-rounded and ask questions from a consumer/adopter-of-technology perspective. Given that a CTO’s background is more external-oriented, they have a deep knowledge around creative digital strategies to engage with customers or clients. At a recent private event I attended this year, we discussed how only 3% of major Fortune 500 companies have CTO’s at the table with CxO’s and other executives such as BOD’s. This must change for organizations to have a faster adoption rate of emerging tech while maximizing their proof or concept failure/success rate.
TC: Between larger organizations and smaller organizations, which one has the advantage to capitalize on new technology integration?
DG: I would say the smaller organizations. While the larger companies may have the capital to test and implement emerging tech, the advantage lies with the smaller organization for two reasons:
- Process Change
- Change Management
In terms of process change, larger firms have more employees who have been trained on specific processes and systems; overhauling this can be quite costly and time-consuming. The smaller organization is prepared to implement dynamic changes and can let the technology work in their favour early-on, which brings me to my second point. Through Change Management practices, we see the re-education of employees in large organizations take a toll on time commitments from their daily tasks, which they must catch-up on in their own time, just to adjust to a new technology or process. In a smaller organization, process change and change management happen almost simultaneously. This is where technologies like Robotics Process Automation (RPA) in large companies can help assign automated or mundane tasks that speed up these processes and help focus their resources wherever needed.
TC: Compared to the United States, how do you view Canadian technological adoption patterns?
DG: In terms of adoption, I believe we are 2-3 years behind our neighbours to the south; and it primarily comes in the research and awareness stages of technology. To expand, many American companies are willing to invest in testing new technology and believe the risk will be worth the reward. I see us in Canada, open to technology, but first we want to see the proven numbers before we dive-in. Additionally, in the U.S., there’s a desire to embrace change and move faster; obviously an advantage in the ever-changing technological world.
TC: As the Founder and CEO of TerraHub Technologies, can you speak towards the common misconceptions surrounding blockchain and Bitcoin.
DG: Blockchain could be looked at as an enforced workflow management tool, which allows for a single source of truth to then exist once consensus is reached. When people hear blockchain, they sometimes use it synonymous with Bitcoin, however, blockchain can be looked at as the system and Bitcoin is the product within that system.
TC: Where do you see the future of blockchain systems?
DG: Blockchain isn’t as ‘new’ as some people may think, and it’s emerging quite faster than most are aware. It’s a technology that will be disruptive to businesses that rely on trust. We’re already seeing it with fintech companies investing millions of dollars to understand it further and integrate it into their businesses. Having a key understanding of Private vs Public blockchain, Distributed Ledger Technology (DLT) is key to anyone looking to adopt and deploy this powerful tool. I believe that it will take a real push by private organizations to deploy and demystify this technology before wide spread adoption and comfort for everyone to adopt will exist. That being said, we will eventually see cities become cashless and work off a number of blockchain enabled platforms.
Dan Giurescu, Founder and CEO of TerraHub Technologies, is an idea accelerator focused on technological advancement by providing applicable real-world advice. Through education, consultation and expert resources, Dan is committed to slash any myths around technology and guide organizations to reach their full-potential.